§ 7614 — Penalties

New York § 7614

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 76: Property/casualty Security Funds

Text

§ 7614. Penalties. (a) If any insurer fails to file any return or make\nany payment required by this article, or if the superintendent has cause\nto believe that any return or other statement filed is false or\ninaccurate in any particular, or that any payment made is incorrect, he\nmay examine all the books and records of the insurer to ascertain the\nfacts and determine the correct amount to be paid and may proceed in any\ncourt of competent jurisdiction to recover for the benefit of the fund\nany sums shown to be due upon such examination and determination.\n (b) Any insurer which fails to make any such required statement, or to\nmake any payment to the fund when due, shall thereby forfeit to the\nappropriate fund a penalty of five percent of the amount determined to\nbe due plus one percent of such amount for each month of delay, or\nfraction thereof, after the expiration of the first month of such delay.\nIf satisfied that the delay was excusable, the superintendent may remit\nall or any part of the penalty.\n (c) The superintendent, in his discretion, may revoke the certificate\nof authority to do business in this state of any foreign insurer which\nfails to comply with this article or to pay any penalty imposed\nhereunder.\n